Suspicious Bitcoin Trading Seen Prior To Grayscale Lawsuit Victory
With the US Court judgment granting Grayscale a win against the US Securities and Exchange Commission (SEC), the Bitcoin BTC price and Grayscale Bitcoin Trust (GBTC) stock price grew significantly on Tuesday, August 29, 2023. The ruling is being touted as one of the most important developments that makes institutional adoption of the crypto market easier.
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The lawsuit verdict effectively granted the approval of application to convert the Grayscale Bitcoin Trust into a spot Bitcoin ETF. However, it is not clear yet as to what would be a timeline for the spot Bitcoin ETF approval, considering that the US SEC may choose to appeal the judgment.
Bitcoin Exchange Supply Spike Before The Verdict
On-chain data showed that around 30,000 BTC was sent to crypto exchanges prior to the Grayscale lawsuit victory announcement earlier on Tuesday, August 29, 2023, taking the total available supply to 1.16 million $BTC. This raises the question of whether the big whales have placed the trades in anticipation of a positive ruling or they knew of the Grayscale win before the judgment.
According to market intelligence platform Santiment, the exchange supply of Bitcoin was boosted significantly prior to the judgment. Meanwhile, the Grayscale discount improved from -40% to -24% currently.
On the flip side, it is entirely possible that the supply of Bitcoin on exchanges spiked over the investor anticipation of the verdict. The crypto community has been awaiting the Court’s decision, considering that the developments around the lawsuit would have a bearing on the spot Bitcoin ETF filings.
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